Sometimes, it gets a little too comfortable when others start agreeing with you. That’s the position I now find myself in since I've been saying that economics always wins out in the end. Each day that passes another nail has been driven into the coffin of not only the domestic economy, but the global economy as well. House prices are plummeting again, unemployment is accelerating, Israel and Iran appear to be headed for a showdown, and Nero fiddles (vacation in Martha’s Vineyard) as Rome burns.
Goldman Sachs has just released their trading desk analysis which says in part: “In conclusion, as discussed in recent client meetings, while the timing is difficult, we remain concerned for the larger topping structure that is still being formed on the S& P 500 Index which will eventually lead to another meaningful decline.”
Richard Russell, Dennis Slothower, Peter Eliades, Robert Prechter, and Arch Crawford, are all calling for an historic stock market top that will not be seen again for many years, and a downside that will at least rival 1930 to 1932, and maybe worse.
Suddenly, that simple little boat I've been rowing alone has started to get very crowded.
Till next time,
Bill
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